How can I get a house with no money down?

Asked by Chris Hamilton on November 06, 2021

Categories: Personal finance Home financing

Rating: 4.8/5 (52 votes)

If coming up with a down payment is a struggle, an alternative to buying a house with no money down is an FHA loan. The FHA does not offer a no-money down loan. However, they do allow for loans with a down payment as low as 3.5% of the home's purchaseprice.

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How hard is it to get a FHA loan? You can get approved for an FHA mortgage loan with a 500-579 credit score with 10% down. However, it is very difficult to process a loan application with a credit score in this range. If you have at least a 580 credit score, it is easier to_qualify for an FHA mortgage.